Legal Question in Real Estate Law in Virginia

Real Estate

What are the repercussions for backing out af a contract to purchase home?


Asked on 7/09/07, 4:54 pm

1 Answer from Attorneys
Michael Hendrickson Law Office Michael E. Hendrickson

Re: Real Estate

The buyer backing out could forfeit his earnest money deposit. (A suit by the seller for specific performance on the part of the buyer is generally a rarity. Most sellers would rather have immediately claimable liquidated damages in the form of a buyer's deposit in the case of a reneging buyer.)

Read more
Answered on 7/09/07, 8:54 pm


Related Questions & Answers

More Real Estate and Real Property questions and answers in Virginia